MARIFI: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
MARIFI
Largest movements
- Stocks and contracts -€194,854
no longer reported in 2025 (was €194,854)
- Tangible fixed assets -€53,412
down €53,412 (-7.2%), from €737,276 to €683,864
of which Land and buildings: -€46,622
- Receivables within one year -€21,247
down €21,247 (-81.5%), from €26,075 to €4,828
of which Trade receivables: -€26,075
- Other debts -€178,476
down €178,476 (-95.9%), from €186,116 to €7,641
- Debts after one year -€80,484
down €80,484 (-66.8%), from €120,484 to €40,000
- Reserves -€16,114
down €16,114 (-19.9%), from €81,114 to €65,000
- Depreciation +€46,676
up €46,676 (+110%), from €42,623 to €89,299
- Other operating charges -€10,496
down €10,496 (-62.0%), from €16,931 to €6,435
- Taxes -€6,396
down €6,396 (-97.4%), from €6,567 to €172
- Gross operating margin -€1,853
down €1,853 (-2.1%), from €88,910 to €87,057
- Financial charges +€890
up €890 (+51.0%), from €1,747 to €2,638
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Derived cash bridge
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €987,149 | €717,381 | -€269,768 | -27.3% |
| Fixed assets | 21/28 | €737,276 | €683,864 | -€53,412 | -7.2% |
| Tangible fixed assets | 22/27 | €737,276 | €683,864 | -€53,412 | -7.2% |
| Land and buildings | 22 | €712,107 | €665,485 | -€46,622 | -6.5% |
| Plant, machinery and equipment | 23 | €4,471 | €2,806 | -€1,664 | -37.2% |
| Other tangible fixed assets | 26 | €20,697 | €15,572 | -€5,125 | -24.8% |
| Current assets | 29/58 | €249,873 | €33,517 | -€216,356 | -86.6% |
| Stocks and contracts in progress | 3 | €194,854 | - | -€194,854 | |
| Stocks | 30/36 | €194,854 | - | -€194,854 | |
| Amounts receivable within one year | 40/41 | €26,075 | €4,828 | -€21,247 | -81.5% |
| Trade receivables | 40 | €26,075 | - | -€26,075 | |
| Other amounts receivable | 41 | - | €4,828 | +€4,828 | |
| Cash at bank and in hand | 54/58 | €26,844 | €28,689 | +€1,844 | +6.9% |
| Deferred charges and accrued income | 490/1 | €2,100 | - | -€2,100 | |
| Total equity and liabilities | 10/49 | €987,149 | €717,381 | -€269,768 | -27.3% |
| Equity | 10/15 | €671,114 | €659,628 | -€11,486 | -1.7% |
| Contributions | 10/11 | €590,000 | €590,000 | = | 0.0% |
| Reserves | 13 | €81,114 | €65,000 | -€16,114 | -19.9% |
| Distributable reserves | 133 | €81,114 | €65,000 | -€16,114 | -19.9% |
| Profit (loss) carried forward | 14 | - | €4,628 | +€4,628 | |
| Amounts payable | 17/49 | €316,035 | €57,754 | -€258,282 | -81.7% |
| Amounts payable after more than one year | 17 | €120,484 | €40,000 | -€80,484 | -66.8% |
| Other amounts payable | 178/9 | €120,484 | €40,000 | -€80,484 | -66.8% |
| Amounts payable within one year | 42/48 | €192,285 | €14,694 | -€177,591 | -92.4% |
| Trade debts | 44 | €4,204 | €2,482 | -€1,722 | -41.0% |
| Suppliers | 440/4 | €4,204 | €2,482 | -€1,722 | -41.0% |
| Taxes, remuneration and social security | 45 | €1,964 | €4,571 | +€2,607 | +133% |
| Taxes | 450/3 | €1,964 | €4,571 | +€2,607 | +133% |
| Other amounts payable | 47/48 | €186,116 | €7,641 | -€178,476 | -95.9% |
| Accrued charges and deferred income | 492/3 | €3,266 | €3,060 | -€206 | -6.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €42,623 | €89,299 | +€46,676 | +110% |
| Other operating charges | 640/8 | €16,931 | €6,435 | -€10,496 | -62.0% |
| Gross operating margin | 9900 | €88,910 | €87,057 | -€1,853 | -2.1% |
| Operating profit (loss) | 9901 | €29,357 | -€8,677 | -€38,033 | |
| Financial income | 75/76B | €171 | - | -€171 | |
| Recurring financial income | 75 | €171 | - | -€171 | |
| Financial charges | 65/66B | €1,747 | €2,638 | +€890 | +51.0% |
| Recurring financial charges | 65 | €1,747 | €2,638 | +€890 | +51.0% |
| Profit (loss) for the period before taxes | 9903 | €27,781 | -€11,314 | -€39,095 | |
| Income taxes | 67/77 | €6,567 | €172 | -€6,396 | -97.4% |
| Profit (loss) for the period | 9904 | €21,214 | -€11,486 | -€32,700 | |
| Profit (loss) for the period to be appropriated | 9905 | €21,214 | -€11,486 | -€32,700 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 29 October 2026 via checked.be.